The Knowledge Economy Report : From The Ground Up
As of 2018 Property Finder Data & Research discovered that Dubai residents are spending up to 55 percent of their combined income on housing and education expenses. Plagued by weakening oil prices and diminished demand the property sector has witnessed a 30 percent decrease in asking prices for properties for both rent and sale according to Property Finder’s listing data. Coupled with the additional supply of 30,767 completed residential units for 2018, rental and sales prices for Dubai overall are expected to decrease further.
Similarly, the education sector has witnessed the knock-on effects of a suppressed jobs market meaning there were more empty seats in the premium segment of schools. The education sector has seen an influx of new schools enter the market, mainly in the premium segment, which has created a surplus of school seats that remain to be filled. As residents of Dubai re-evaluate their housing and schooling options due to the plethora of new supply, developers and investors may need to rethink what it means to be part of Dubai’s evolving community.
This report presents a comprehensive account of Dubai’s current residential stock including the average asking price for a property for sale as well as the average rental price for that property for both villa/townhouse communities and apartments. The report also reveals detailed information for the pipeline of future supply including the project name (if available), master community, current completion status, number of units (if available) and the developer’s information for residential developments under construction with completion dates between the years of 2019 and 2023 and an analysis of how this additional residential stock will affect property prices overall. The conjunction between housing prices and schooling prices is important because these are two of the biggest costs for families in Dubai.
The aim of this report is two-fold, the initial purpose is to highlight where the pitfalls exist for current school operators based on their current tuition fees, enrollment rates and other factors and then how we recommend their operations should be realigned in order to achieve a healthy enrollment rate. The second purpose of this report is structured around where all the projects are located, that constitute upcoming supply, with an estimated completion date between 2019 and 2023, in order to illustrate where the available school plots are and what curricular school and price point we recommend for an investor and/or operator.
Based on robust survey data and the collection of qualitative and quantitative data derived from focus groups and numerous surveys, the report has compiled a thorough account of the factors families heavily consider when deciding which school to enroll their children in. Based on these insights and analyses, the report includes a comprehensive summary of recommendations for what types of schools investors and school operators should be looking into.
Historically, there has been a mismatch between property developments, the curricular and the average annual tuition prices for nearby schools leading to the nearby school serving a host of children from various other communities instead of it being a school fit for that particular community. This report serves to decrease the amount of schools and communities that diverge and also to highlight parental demands and affordability levels so all stakeholders are more aware of what the ecosystem needs in order to thrive.
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